Examlex
Why is the role of SHRM critical in the functioning of the global firms?
Price Ceiling
A maximum price set by law that can be charged for a good or service, below the equilibrium price, leading to a shortage.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.
Immediate Effect
The instant impact or outcome that follows a specific action or decision, without significant delay.
Price Floor
A government- or authority-imposed minimum price that can be charged for a good or service, intended to prevent prices from falling too low.
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